Industrial and Commercial Bank of China : Notice on Completion of Redemption

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

Stock Code: 1398

EUR Preference Shares Stock Code: 4604

U.S.$2,940,000,000 6.00% NON-CUMULATIVE,

NON-PARTICIPATING, PERPETUAL PREFERENCE SHARES

(the "USD Preference Shares", Stock Code: 4603)

AND

RMB12,000,000,000 6.00% NON-CUMULATIVE,

NON-PARTICIPATING, PERPETUAL PREFERENCE SHARES

(the "RMB Preference Shares", Stock Code: 84602)

NOTICE ON COMPLETION OF REDEMPTION

Reference is made to the Redemption Notice of Industrial and Commercial Bank of China Limited (the "Bank") dated 25 October 2019 (the "Announcement"). Unless otherwise defined, capitalized terms used in this announcement have the same meanings as those defined in the Announcement.

Pursuant to the terms and conditions of the Offshore Preference Shares and the reply letter from the China Banking and Insurance Regulatory Commission where no objections were raised for the Bank's redeeming the USD Preference Shares and the RMB Preference Shares, the Bank redeemed the aforementioned USD Preference Shares and the RMB Preference Shares in whole on 10 December 2019 (the "Redemption Date") at the respective redemption price of each USD Preference Share and each RMB Preference Share (being the aggregate of an amount equal to the liquidation preference of each Offshore Preference Share plus any dividends accrued but unpaid in respect of the period from (and including) the immediately preceding dividend payment date to (but excluding) the Redemption Date).

Subsequent to the redemption and cancellation of the aforementioned USD Preference Shares and RMB Preference Shares on the Redemption Date, there are no USD Preference Shares or RMB Preference Shares issued in the offshore market. Accordingly, the Bank has made an application to The Stock Exchange of Hong Kong Limited for the withdrawal of listing of the USD Preference Shares and RMB Preference Shares, which becomes effective after 16:00 (Beijing time), 11 December 2019.

The Board of Directors of

Industrial and Commercial Bank of China Limited

Beijing, PRC

11 December 2019

As at the date of this announcement, the board of directors comprises Mr. CHEN Siqing, Mr. GU Shu and Mr. HU Hao as executive directors, Mr. YE Donghai, Mr. ZHENG Fuqing, Ms. MEI Yingchun, Mr. DONG Shi, and Mr. LU Yongzhen as non-executive directors, Mr. Anthony Francis NEOH, Mr. YANG Siu Shun, Ms. Sheila Colleen BAIR, Mr. SHEN Si, Mr. Nout WELLINK and Mr. Fred Zuliu HU as independent non-executive directors.